Optus Posts A $208 Million Net Loss Over 12 Months
Optus has cited travel restrictions, COVID, and the structural impacts of the National Broadband Network as the main factors for a net loss of $208 million in the year ending 31 March.
This marks a shocking fall from the $402 million profit reported the year prior.
Optus’ earnings before interest and tax fell a huge 77 per cent, while revenue declined by 7 per cent, to $8.32 billion. EBITDA declined by 25 per cent.
“This has been a challenging year with COVID-19 and structural NBN impacts affecting the whole industry,” said Kelly Bayer Rosmarin, Optus CEO.
“However, Optus continued to prioritise keeping Australians connected, ensuring our teams were safe and employed, and investing in our network, customer service and digital experiences.
“During the second half of the year we’ve seen improvements across the board as a result of disciplined execution of those priorities.”
Despite operating revenue and EBITDA each growing 5 per cent during the second half of the year ending March 31, the company posted a six-month loss of $181 million, mainly due to NBN revenue dropping dramatically. The lost of international students and travellers further drained the company.
“Through these challenging times we’ve kept customers at the very heart of our decision making, demonstrating our commitment through clear product leadership and innovative solutions such as our Unlimited Data Days, introduction of our Optus Fitness streaming service, and continued digital developments with My Optus App,” Rosmarin added.
“We will continue to deliver customer-led differentiation through digitalisation, the Optus Living Network and 5G speed leadership, and it’s deeply rewarding to see the satisfaction this brings to our customers.”